ADVOKS GLOBAL · KENYA
The Capital Markets (Online Foreign Exchange Trading) Regulations
25A. Annual fee
Edition: 2023-10-06 · In force
25A. Annual fee
An online forex broker shall pay to the Authority an annual fee based on the gross trading revenue which shall include the commissions and rebates from third-party related service providers for that year, at the rate specific in the Third Schedule26. Compliance Officer
(1)An online foreign exchange broker or money manager shall appoint a compliance officer who shall be responsible for—(a)monitoring the compliance by the online foreign exchange broker or money manager with the Act, rules, regulations, notifications, guidelines or instructions issued by the Authority; and(b)handling investors' grievances.(2)A compliance officer appointed under paragraph (1) shall be accredited by the Chartered Institute of Securities and Investments or in accordance with such other competency standard as the Authority may prescribe.(3)An online foreign exchange broker or a money manager shall furnish the Authority with the details and qualifications of the compliance officer within two weeks of the appointment of the compliance officer.(4)A compliance officer shall, immediately and independently, report to the Authority any non-compliance by the foreign exchange broker or money manager that may be observed by the compliance officer.(5)The compliance officer may be held personally liable for the failure to ensure proper compliance by the online foreign exchange broker with the regulatory requirements of the Authority.27. Money Laundering reporting officer
(1)A dealing or non-dealing online foreign exchange broker or money manager shall appoint a money laundering reporting officer who shall be responsible for—(a)reporting to the Financial Reporting Centre, any transaction or activity that he has reason to believe is suspicious;(b)being informed of all suspicious activities available to the licensee and take action on suspicious disclosures as soon as practical so as not to delay the reporting of such disclosures;(c)creating awareness to all the employees on the Anti-money Laundering laws as well as the audit systems adopted;(d)ensuring that persons are screened before being hired as employees; and(e)any other responsibility that may be imposed by any written law.(2)A money laundering reporting officer may also be the compliance officer required under regulation 26.